Considering the upper price band of Rs 61, the stock is expected to see a listing premium of 72% over the issue price.
However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO, which was completely a fresh equity sale of 40.56 lakh shares, received an overwhelming response of 600 times at close, driven by over 1200 times subscription.
The funds will be allocated toward establishing a manufacturing facility in Gujarat, refurbishing a copper melting furnace, addressing working capital needs, and supporting general corporate objectives.
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Parmeshwar Metal is engaged in the business of manufacturing copper wire and copper wire rods by recycling copper scrap. The company makes copper wire and copper wire rods that are ideally suited for a wide array of applications.
These applications include power cables, building wires, transformers, the automotive industry, household cables as well as bare and enamelled wires.
The company’s object is to create consistent value for our customer by delivering good quality products and best services at optimum cost through continue improvement, maintaining integrity and excellence in all the aspects of our operations.
Its product portfolio offers 1.6 mm copper wire and 8 mm and 12.5 mm copper wire rods and each available tailored made to meet customer specifications.
Copper is one of the most recycled metals of all the metals. The recycling of copper scrap is gaining importance worldwide simply because of the fact that recovery of copper metal from scrap requires much less energy than its recovery made from primary source. Besides, it enables conservation of natural resources.
In FY24, the company reported a revenue of Rs 1100 crore and a profit after tax (PAT) of Rs 7.21 crore.
